It depends on the specific circumstances. Shares in a SIAL are generally classified as personal property, which means their transfer is taxable at the domicile of the donor or the deceased, rather than at the location of the property. For a Geneva resident transferring shares to their children, who are also domiciled in Geneva, this may result in no gift or estate tax at all, whereas the transfer of a condominium unit located in the Canton of Vaud would have been subject to local taxation ranging from 3.5% to 7%. For a taxpayer resident in Vaud with property in Valais or Geneva, the reasoning is logically reversed.